![]() Without a doubt, Gary will be the first person I call when it is time for me to buy or sell another commercial property. Gary and Kristin’s attention to detail, professionalism and positive attitude proved invaluable in these two successful transactions. “The Avison Young Capital Markets team of Gary Lyons and Kristin McDonald provided outstanding guidance and service throughout the process of marketing, negotiating and the ultimate sale of two significant properties I had an ownership interest in. All three groups responded with improved offer terms with the winning bidder coming in at $14M, a 7-9% premium over the seller’s expectations. After a detailed review of all offers and buyer capabilities, the sellers narrowed the investor pool to three prospective buyers. The initial round of offers ranged in value from $12.5-13.3M. It accommodates strips with a maximum width of 4.5 mm for a rated power of 7 W. Sixtyfour is only applied with double-sided adhesive tape to guarantee the aesthetics of each side. It was supported by market comps for area condos and utilized the traditional income valuation methodology. Sixtyfour is an anodised aluminium profile very small in size (8x8 mm), ideal for decorative light lines and functional lighting in display cases and glass showcases. In addition to listing on all relevant online listing platforms, AY launched a large-scale marketing campaign targeting multifamily investors active in the southeast region.Ī Broker Price Opinion (BPO) provided by Avison Young prior to going to market came in at $12.8-13.0M. AY prepared a detailed offering memorandum with the combined financials of the 64 units to demonstrate the overall potential of these unique assets. The challenge was to identify an investor who would have sufficient vision for the property to be willing to work through the challenges and complexities of having to interact with the Property Owner’s Association (POA), the owners of the other 20 units in the complex, and a unique tenant pool.Īvison Young determined that the demand for both short-term and long-term rental property on the peninsula was extremely strong and that there was likely to be significant interest in the opportunity even though it was a “fractured condo” play. As it is situated directly across the street from the Medical University of South Carolina campus, most of the units in the property were being leased to medical students and staff at MUSC. SixtyFour Music is a music supervision and sync agency based in London and New York. With a total of 84 units in the property, these 64 units collectively represented a majority position in the property. A yoga studio is proposed for the retail space.Three (3) related owners approached Avison Young about the possibility of selling 64 condo units in the 40 Bee Street Flats property on the peninsula in Charleston. ![]() Amenities include a bike room and on-site gym. In addition to the 42 parking spaces, there will be bike parking and electric-car charging stations on property. Expected Unit Breakdown & AmenitiesĪbout half of the homes will have private decks in addition to a common roof deck. On the main floor, a gallery will feature neighborhood artwork from the local artist community. In addition to 64 residential units, there are slated to be ground floor retail space and 42 parking spaces. What You Can ExpectĪccording to paperwork filed with Boston Planning & Development Agency, the project is expected to be a 6-story tower of over 75,000 square feet. Both rentals and condo developments are slated to come into the neighborhood – in addition to new businesses including possibly Amazon! Of the over 1,200 units, 64 condo homes are approved at 301-303 Border Street. East Boston has seen a flurry of development activity with a dozen or so new developments coming online in the next few years.
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